Less Ads, More Data, More Tools Register for FREE

Pin to quick picksSorbic International Regulatory News (SORB)

  • There is currently no data for SORB

Convertible Loan Update

14 Jan 2011 07:00

RNS Number : 4478Z
Sorbic International PLC
14 January 2011
Ā 



Ā 

Press Release

14 January 2011

Ā 

Sorbic International plc

Ā 

("Sorbic" or the "Company")

Ā 

Convertible Loan Update

Ā 

Further to the announcement of 16 December 2010, two directors of the Company visited the offices of Hermes Holdings Ltd ("Hermes") in Seoul, Republic of Korea on 12 January 2011. Hermes remains committed to the agreed amount and now expects the regulatory approval process to be completed during Q2 2011.

Ā 

The first stage of that process will be the submission of an independent valuation report on the Company to the regulatory authorities. This is targeted to complete no later than the end of Q1 2011. As a consequence of the approval process, the £1.6 million due from Hermes is now anticipated to be received towards the end of Q2 2011. This anticipated delay, in the absence of alternative funding, would delay completion of the new factory. Accordingly, the Company will consider its options to facilitate completion of the factory which will include looking to secure alternative/bridge funding.

Ā 

At 30 September 2010 the Company had net assets of approximately £14 million of which £5.7 million was cash. The Company remains profitable and last year achieved revenues of £12 million at its existing factory in Linyi City, PRC.

Ā 

The Company will continue to work with Hermes to resolve this issue and will update shareholders in due course.

Ā 

- Ends -

Ā 

For further information:

Sorbic International plc

Tel: +44 (0)7768 031 454

John McLean, Chairman

www.sorbicinternational.com

FinnCap

Geoff Nash / Ed Frisby / Simon Starr (broking)

Tel: +44 (0) 20 7600 1658

Ā 

Media enquiries:

Abchurch Communications

Joanne Shears / Mark Dixon

Tel: +44 (0)20 7398 7709

joanne.shears@abchurch-group.com

www.abchurch-group.com

Ā 

Ā 

Notes to Editors: www.sorbicinternational.com

Ā 

About Chahar Industrial Park

Chahar Industrial Park is located in Ulanqab City, Inner Mongolia, in the north of the Peoples Republic of China ("PRC") and is the traffic hub that links North China with its neighbour, Mongolia and the main land route for international trade from China to Mongolia, Russia and Europe. Ulanqab City has a total land area of 54.5 thousandĀ square kilometres and a population of 2.73 million people and is a one hour to drive from Hohhot Baita Airport, which lies 130 kilometers east of Hohhot. Beijing is 300 kilometers (3 hour drive) to the south and Tianjin port is 400 kilometers away.

Ā 

About Sorbic International plc

Sorbic International's principal activity is the production and sale of the food preservatives Sorbic Acid and Potassium Sorbate from its base in Linyi City, Shandong Province, Peoples Republic of China. Approximately half of Sorbic International's production is sold to overseas markets, across 46 countries and half into the Chinese domestic market.

Ā 

Sorbic Acid is a naturally occurring organic compound that is used in all kinds of foods for its anti-decomposition and anti-fungus function and also in grains, medicines, cosmetics, toothpaste, tobacco, animal feed, latex, paper-manufacturing and pesticides. Potassium Sorbate is used to inhibit moulds and yeasts in many foods, such as cheese, wine, yogurt, dried meat, baked goods, cosmetics and pharmaceuticals.

Ā 

This information is provided by RNS
The company news service from the London Stock Exchange
Ā 
END
Ā 
Ā 
MSCSFDFIDFFSELF
12
Date   Source Headline
30th Jun 201512:40 pmRNSInterim Results
19th Jun 20151:35 pmRNSResignation of ISDX Corporate Adviser
16th Jun 20157:00 amRNSResignation of Nominated Adviser
7th May 201512:20 pmRNSResult of AGM
7th May 20157:00 amRNSUpdate on suspension
1st May 20157:00 amRNSSuspension of trading
30th Apr 20157:30 amRNSSuspension - Sorbic International Plc
22nd Apr 20157:16 amRNSBoard changes and update on fund's transfer
31st Mar 20157:00 amRNSNotice of AGM and Posting of R&As
19th Jan 20157:00 amRNSPreliminary Unaudited Results
19th Jan 20157:00 amRNSDirector Appointment
22nd Dec 20147:00 amRNSUpdate on Loan Notes and Notice of Results
10th Dec 20147:00 amRNSIssue of Equity Correction
9th Dec 20142:30 pmRNSIssue of Equity Correction
8th Dec 20147:00 amRNSIssue of Equity
10th Nov 20147:00 amRNSTrading Update
29th Aug 20147:00 amRNSRoll Over of Loan Notes
15th Jul 201410:45 amRNSResult of General Meeting
27th Jun 20143:15 pmRNSNotice of General Meeting
23rd Jun 20143:20 pmRNSFundraising of £0.25 million
23rd Jun 20143:15 pmRNSInterim Results
30th Apr 20147:00 amRNSTrading Update and Change of Broker
25th Feb 201411:30 amRNSResult of AGM
25th Feb 20147:00 amRNSAGM Statement
31st Jan 20147:00 amRNSTrading Update
16th Dec 20137:00 amRNSHolding(s) in Company
10th Dec 20137:00 amRNSPreliminary Unaudited Results
21st Oct 20137:00 amRNSTrading Update and Notice of Results
25th Sep 20139:10 amRNSNotification of Shareholding
11th Sep 20137:23 amRNSNotification of Shareholding
2nd Sep 20133:40 pmRNSChange of Registered Office
17th Jun 20137:00 amRNSInterim Results
30th May 20137:00 amRNSUpdate on Manufacturing Facilities
23rd Apr 201312:00 pmRNSResult of AGM
23rd Apr 20137:00 amRNSAGM Statement
3rd Apr 20137:00 amRNSBoard Change
25th Mar 20131:30 pmRNSFundraising of £0.7 million
26th Feb 201311:30 amRNSRoll over of Loan Notes and funding update
18th Jan 201311:00 amRNSNotification of Shareholding
31st Dec 20127:00 amRNSAgreement with APAC Chemical Corporation
20th Dec 20127:00 amRNSFurther update on Loan Notes
21st Nov 20127:00 amRNSPreliminary Results
4th Oct 20127:00 amRNSTR-1 Notification of Major Interest in Shares
24th Sep 20127:00 amRNSNotification of Shareholding
9th Aug 20127:00 amRNSUpdate on Ulanqab City manufacturing facility
17th Jul 20127:00 amRNSUpdate on Ulanqab City manufacturing facility
28th Jun 20127:00 amRNSInterim Results
28th Mar 201212:00 pmRNSResult of AGM
26th Mar 20123:00 pmRNSUpdate on Ulanqab City manufacturing facility
22nd Feb 201212:30 pmRNSPlacing to raise £0.7 million
12

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.